Correlation Between First Trust and Rockefeller Opportunistic
Can any of the company-specific risk be diversified away by investing in both First Trust and Rockefeller Opportunistic at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining First Trust and Rockefeller Opportunistic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between First Trust California and Rockefeller Opportunistic Municipal, you can compare the effects of market volatilities on First Trust and Rockefeller Opportunistic and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in First Trust with a short position of Rockefeller Opportunistic. Check out your portfolio center. Please also check ongoing floating volatility patterns of First Trust and Rockefeller Opportunistic.
Diversification Opportunities for First Trust and Rockefeller Opportunistic
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between First and Rockefeller is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding First Trust California and Rockefeller Opportunistic Muni in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rockefeller Opportunistic and First Trust is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on First Trust California are associated (or correlated) with Rockefeller Opportunistic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rockefeller Opportunistic has no effect on the direction of First Trust i.e., First Trust and Rockefeller Opportunistic go up and down completely randomly.
Pair Corralation between First Trust and Rockefeller Opportunistic
Given the investment horizon of 90 days First Trust is expected to generate 1.18 times less return on investment than Rockefeller Opportunistic. But when comparing it to its historical volatility, First Trust California is 1.3 times less risky than Rockefeller Opportunistic. It trades about 0.07 of its potential returns per unit of risk. Rockefeller Opportunistic Municipal is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 2,382 in Rockefeller Opportunistic Municipal on October 10, 2025 and sell it today you would earn a total of 135.00 from holding Rockefeller Opportunistic Municipal or generate 5.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
First Trust California vs. Rockefeller Opportunistic Muni
Performance |
| Timeline |
| First Trust California |
| Rockefeller Opportunistic |
First Trust and Rockefeller Opportunistic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with First Trust and Rockefeller Opportunistic
The main advantage of trading using opposite First Trust and Rockefeller Opportunistic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if First Trust position performs unexpectedly, Rockefeller Opportunistic can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Rockefeller Opportunistic will offset losses from the drop in Rockefeller Opportunistic's long position.| First Trust vs. Trust For Professional | First Trust vs. Rockefeller Opportunistic Municipal | First Trust vs. First Trust India | First Trust vs. PLTR WeeklyPay ETF |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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